Member experience the new pension plan design for younger generations
Our latest expert commentary piece on BenefitsCanada.com:
We’re living in a society with a new generation of employees who also happen to be digital natives. Generation-Y and millennials learn, act and understand very differently than the generations that came before them. They take a different look at their careers, the work environment and even retirement.
In the age of defined benefit plans, members were told they were protected for retirement. They didn’t have to worry. Both the success of the member and the success of the sponsor could largely be attributed to the quality of pension plan design.
Now, with defined contribution plans taking over the pension landscape, members aren’t given that luxury. They’re provided with the resources to help prepare for retirement but the rest is up to them. For these younger generations, the resources need to be interesting and generate engagement. And, for the plan to be successful, member experience has to be thrown into the mix.
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